Ichimoku analysis (Hourly chart)
Tenken-Sen- 116.73
Kijun-Sen- 116.62
CHFJPY is consolidating after hitting a high of 117.04 levels. The intraday trend is neutral as long as support 116.40 holds. The minor pullback in USDCHF is putting pressure on this pair at higher levels. It has halted its three months of bearish trend and jumped more than 50 pips from a low of 0.88856. The Intraday trend of CHFJPY is still bullish as long as support 116.40 holds.
Technical:
It is facing strong resistance around 117.10, any indicative break above will take the pair to next level 117.30/118. On the lower side, near term support is around 116.40, and any indicative break below targets 116/115.50/115/114.75.
Indicator (hourly chart)
CAM indicator –Neutral
Directional movement index –bullish
It is good sell on rallies around 116.55-60 with SL around 117.10 for the TP of 115.50.
